New realty projects to boost supply

This year will see the launch of several new real estate projects in the big cities, reports Madhurima Nandy.

This year will see the launch of several new real estate projects in the big cities. While 2006 saw very few new projects opened up for property buyers, 2007 will be a relief with several residential projects maturing this year. Both developers and property consultants feel that more supply will be pumped into the market that will, hopefully, boost supply and provide cheaper houses to harried consumers.

Mukesh Patel, a promoter of the Neelkanth Group says that August, this year, will see quite a few launches. “Right now, most of the new projects are stuck for environment clearance. But things will change from August onwards,” said Patel.

If bookings for new projects open in August, then it would take another 18-20 months for their delivery.

Property consultants also feel that real estate development in the corridor areas of the western and central suburbs – the crowded zone between the rail lines and the arterial roads, which had come to a standstill following a stay from the Bombay High Court in the Transfer of Developmental Right (TDR) case, will now open up.

According to property consultant Bhavesh Shah, the release of TDR would lead to construction of 30 lakh square feet between Ghatkopar and Mulund alone. In the western suburbs, particularly in the Bandra, Khar JVPD scheme and in the Kurla end of Bandra-Kurla Complex (BKC), construction activity will surge.

Andheri-based property consultant Nizam Khan said there are several housing societies in the Bandra-Khar area, which have been negotiating with builders on whether they will be able to load TDR, can now freely go in for redevelopment.

Patel said that according to estimates, new projects would not only come up in the corridor areas but all across the city, particularly in the suburbs.